Chevron: Venezuela talks continue


Chevron: Venezuela talks continue


NEW YORK -- Chevron remains in talks with Venezuela to possibly increase its footprint in the oil-rich nation, the oil company's chief executive said Tuesday.

Chevron has been having "ongoing discussions" with Caracas about trying to commercialize production at the Carabobo 3 heavy oil project, an initiative Chevron and Caracas have been negotiating since the late 2000s.

Chevron has been in Venezuela since the 1920s and as of the middle of 2012 participated in six onshore and offshore production projects in the country, according to the company's website. The Venezuelan government is in transition since the death last week of longtime President Hugo Chavez, with oil companies generally waiting to see whether a new government will be more friendly to outside, private investment in the country's huge oil reserves.

"The ongoing issues have been with commercial terms, but we continue to have those discussions," Chevron CEO John Watson said in an interview with reporters after the company's annual investor conference. "There's a lot Chevron can bring to Venezuela, including jobs."

Dow Jones Newswires

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